India's gold, silver imports fall sharply in May after import duty hike
This story was originally published at 20:23 IST on 15 June 2026
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NEW DELHI – India's gold and silver imports fell sharply in May after the government last month raised import duties on the two precious metals--to 15% from 6%--to curb imports amidst the pressure on the country's current account and currency, government data released Monday showed.
Gold imports fell 39% on month to $3.42 billion in May from $5.63 billion in April. However, while gold imports fell from a month ago, inbound shipments were 34% higher than in May 2025. During Apr-May, gold imports rose 60% on year to $9.04 billion.
"While import volume data is not yet available, the duty hike on gold & other precious metals, effective from 13 May, is likely to have a dampening effect on volumes, though as the May data showed, imports may remain elevated in value terms, given still-high gold prices y/y (year on year)," Barclays economists Aastha Gudwani and Amruta Ghare said in a note.
Silver imports declined to $75.57 million in May, down 82% from $411.06 million imported in April. On a year-on-year basis, silver imports fell 87%. For Apr-May, silver inbound shipments were down 33% to $486.58 million. End
US$1 = INR 94.71
Reported by Shubham Rana
Edited by Rajeev Pai
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